In the course of routine surveillance, Fitch Ratings has affirmed Charlevoix County, Michigan approximately $6.3 million in outstanding general obligation (GO) unlimited tax medical care facility bonds, series 2001. Proceeds of these voter-approved bonds were used to finance the renovation and equipping of the Grandvue Charlevoix County Medical Care Facility. The bonds represent a general obligation, payable from an unlimited ad valorem tax levied on all taxable property located within the county. The Rating Outlook is Stable.
The 'A+' rating reflects the county's stable economic base, sound financial position, and low debt burden. A primarily residential and recreational area, with some manufacturing presence, the county should sustain its property tax and employment base. Stable property tax revenues, combined with current service levels, should narrow financial risks and maintain the county's financial reserves. Minimal capital needs and the county's use of internal capital resources result in a low direct debt burden.
Located in northwest lower Michigan, Charlevoix County lies approximately 50 miles northeast of Traverse City and 275 miles northwest of Detroit. The county's 2000 population of 26,090 represents a 1.9% annual increase since 1990 and has remained relatively flat.
Fitch issued an exposure draft on July 31, 2008 proposing a recalibration of tax-supported and water/sewer revenue bond ratings which, if adopted, may result in an upward revision of this rating (see Fitch research 'Exposure Draft: Reassessment of the Municipal Ratings Framework'.)
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Contacts:
Ann G. Flynn, +1-212-908-9152
Jessalynn
K. Moro, +1-212-908-0608
Media Relations:
Cindy Stoller,
+1-212-908-0526
